ELCs for SOX Compliance
Entity Level Controls (ELCs) are often difficult to identify or to create but even more difficult to assess.
This webinar CPE Training Event is designed to help internal audit and internal control professionals understand how to establish the entity level controls (ELCs) needed for SOX compliance. The training event will cover the regulatory requirements for ELCs and best practices for maintaining and assessing entity level controls.
The first step in establishing ELCs is to identify and clarify the organization’s objectives...its mission, purpose, its “reason for being”. These objectives should be reflected in the ELCs…the “tone at the top”, as established by executive management.
This involves identifying the key areas of financial reporting that are relevant to the company and evaluating the existing controls in place to ensure their effectiveness. Based on the assessment, a plan can be developed that outlines the specific controls that need to be put in place to comply with the organization's compliance requirements.
The next step is to “implement” the controls, including any necessary changes to processes, procedures, and systems. Once the controls are in place, their “operation” needs to be regularly tested to ensure they are working as intended. Detailed documentation should be kept of the controls, including the assessment, plan, implementation, testing, and any updates made over time.
It is critical to have a “control self assessment program” that regularly monitors the controls and reports their status to the appropriate parties, including management and the audit committee.
The agenda for the training event includes an introduction to ELCs and their importance in ensuring compliance and mitigating risk. The regulatory requirements for ELCs, including the Sarbanes-Oxley Act (SOX) will be covered.
This course is designed for professionals experienced in working with internal controls and ERM programs.
Each attendee will receive 4 Auditing CPE Hours (YB). A certificate of completion will be provided.
Details on Event Presentation
The sessions will be as follows:
Monday – 10:00 a.m. to 2:30 p.m.
We can schedule private events on your timetable for two or more attendees.
CPE Event Highlights
This CPE event covers the following actions concerning entity level controls required for Sarbanes-Oxley ICFR annual compliance programs:
1. Assess the company's current controls: Identify the key areas of financial reporting that are relevant to the company and evaluate the existing controls in place to ensure their effectiveness.
2. Develop a plan: Based on the assessment, develop a plan that outlines the specific controls that need to be put in place to comply with Sarbanes-Oxley requirements.
3. Implement the controls: Put the controls in place, including any necessary changes to processes, procedures, and systems.
4. Test the controls: Using a “control self-assessment program” to regularly test the controls to ensure they are working as intended and are effective.
5. Document the controls: Keep detailed documentation of the controls, including the assessment, plan, implementation, testing, and any updates made over time.
6. Monitor and report: Regularly monitor the controls and report any deficiencies to the appropriate parties, including management and the audit committee.
Learning Objectives
The Learning Objectives include:
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Understand the importance of establishing entity level controls in a Sarbanes-Oxley compliance program.
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Comprehend the regulatory requirements for entity level controls in the Sarbanes-Oxley Act (SOX).
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Assess the current entity level controls of an insurance organization and identify key areas of financial reporting that are relevant to the company.
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Develop a plan for entity level controls that outlines the specific controls that need to be put in place to comply with SOX requirements.
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Implement entity level controls, including any necessary changes to processes, procedures, and systems.
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Test the entity level controls to ensure they are working as intended and are effective in detecting and preventing errors or fraud.
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Document the entity level controls, including the assessment, plan, implementation, testing, and any updates made over time.
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Monitor the entity level controls and report any deficiencies to the appropriate parties, including management and the audit committee.
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Identify best practices for maintaining effective entity level controls over time, including continuous monitoring and regular updates to stay current with regulatory requirements.
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Apply the concepts and techniques learned during the training through hands-on exercises and case studies.
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Evaluate the effectiveness of entity level controls in an insurance organization and provide recommendations for improvement.
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Gain knowledge of the latest trends and challenges in entity level controls.
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Key Issues on the Agenda
1. Introduction to Entity Level Controls (ELCs) and their importance in ensuring compliance and mitigating risk in an SOX compliance program.
2. Overview of regulatory requirements for ELCs, including the Sarbanes-Oxley Act (SOX).
3. Assessment of current ELCs: Identifying key areas of financial reporting and evaluating existing controls in place to ensure their effectiveness.
4. Planning and Implementation: Developing a plan for ELCs and putting controls in place, including any necessary changes to processes, procedures, and systems.
5. Testing and Monitoring: Regularly testing the controls to ensure they are working as intended and are effective in detecting and preventing errors or fraud.
6. Documentation and Reporting: Keep detailed documentation of the controls, including the assessment, plan, implementation, testing, and any updates made over time.
7. Best practices for maintaining effective ELCs in an SOX compliance program over time, including continuous monitoring and regular updates to stay current with regulatory requirements.
8. Conclusion and next steps for ongoing compliance and risk management efforts in the SOX compliance program.
NASBA Program Disclosure
Program Level of Understanding: Intermediate to Advanced
Prerequisites: Participants should come with a knowledge of internal control frameworks.
Advance Preparation: None.
Delivery Format: On-site Training (Group-Live); Seminar (Group-Live)
NASBA Field(s) of Study: Auditing
CPE Credits: 4, based on 50 minutes of instruction per hour.Summary of the Subject Matter
The ELCs for SOX Compliance CPE program is a training program designed for internal audit professionals in the public compnay that has to comply with the Sarbanes-Oxley Aact (SOX). The program provides an in-depth understanding of how to establish entity level controls for SOX compliance. The program covers the regulatory requirements for entity level controls, assessment of current controls, planning and implementation of new controls, testing and monitoring, documentation and reporting, and best practices for maintaining effective controls.